定向增发与上市公司长期业绩下滑

发布时间：2018-03-10 05:03

本文选题：定向增发　切入点：长期经营业绩　出处：《投资研究》2011年10期 　论文类型：期刊论文

【摘要】：本文以2006-2009年我国A股市场上市公司定向增发事件为研究样本,从经营业绩的角度考察了上市公司定向增发后的长期业绩状况。本文的研究发现我国上市公司定向增发前的长期业绩呈上升趋势,在定向增发实施当年达到峰值,随后在增发后出现下滑趋势,特别是定向增发后一年内的下降幅度在统计上显著为负。本文从盈余管理假说、自由现金流假说和发行对象类别等角度检验了上市公司定向增发后长期经营业绩下滑的影响因素,发现上市公司定向增发前的盈余管理行为和自由现金流水平、定向增发后的过度投资以及大股东及其关联方的认购是造成定向增发后长期经营业绩下滑的重要原因。
[Abstract]:This paper takes the listed companies in China's A-share market from 2006 to 2009 as the research sample. From the point of view of operating performance, this paper investigates the long-term performance of listed companies after directional placement. The research in this paper finds that the long-term performance of listed companies before directional additional issuance is on the rise, and it reaches its peak value in the year of the implementation of directional additional issuance. Then there is a downward trend after the increase, especially the decrease in the extent of the decrease within one year after the directional placement is significantly negative. This paper starts with the earnings management hypothesis, From the perspective of free cash flow hypothesis and issue object category, this paper examines the factors influencing the decline of long-term operating performance of listed companies after directional placement, and finds out that the earnings management behavior and free cash flow level of listed companies before directional placement. The overinvestment after the placement and the subscription of the major shareholders and their related parties are the important reasons for the decline of the long-term business performance after the placement.
【作者单位】：上海财经大学金融学院;
【分类号】：F832.51;F276.6;F224

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